Thank you for joining and welcome to the first edition of the Pioneers newsletter, which looks at your role and the role of the finance function in value creation.
In this issue, explore how management accountants can drive value; understand how organisations use the Principles in practice with insights from Simon Bittlestone, Managing Director at Metapraxis; then get up to date with the latest thinking on value creation.
Your role in value creation: now and in the future
To really enhance the decision support role and drive value, partnering with the business is a crucial pre-condition. Here are 3 recommendations to get you started:
1. Brilliant basics – How are you spending your time? Is the bulk spent on admin or are you a true commercial partner? Operational excellence is built through continuous improvement across your entire value chain, to exploit your internal opportunities, assets or positions, leading to reduced cost, higher quality and more predictable results. Using the 14 practice areas of Management Accounting, you can embed best practice behaviours and cultures in the organisation.
2. Go for growth – Help your organisation to explore new technologies, new markets, or new opportunities, through better decision-making. In the digital age, it is mission critical to not only deliverstrong financial and management reporting but also explore insights through predictive and advanced data analytics.
3. Keep it simple – Increase the value creation and limit the bureaucracy and processes to focus only where it is really needed, and otherwise get out of the way and let the business do its work.
Please ask your questions and share your best practice tips in our LinkedIn group.
Samantha Louis, FCMA, CGMA
Vice President Strategic Engagement – Management Accounting